A&E Real Estate today announced the acquisition of 400 East 57th Street, a 19-story multifamily building located in Manhattan’s popular Sutton Place neighborhood. 400 East 57th Street contains 263 rent-stabilized and market-rate apartments.
This is A&E’s second recent deal in the neighborhood. In April of this year, it purchased 400 East 58th Street. A&E acquired both buildings from SL Green.
The 400 East 57th Street acquisition is the first investment A&E has undertaken through its most recent real estate fund, AEREP III, launched in April. A&E is currently accepting additional capital commitments for the fund, which is its third and largest fund to date.
“The investments we are making throughout New York City demonstrate our faith in the city’s future,” said A&E Real Estate CEO James Patchett, CEO. “Our residents represent the backbone of this city, and it’s our mission to provide them with quality housing and responsive building services. Our entire team looks forward to serving the needs of our residents at 400 East 57.”
A&E Real Estate President Maggie McCormick added, “This transaction is indicative of A&E’s unique ability to source and take advantage of promising investment opportunities. Just as importantly, we have built a deep bench of construction, operations and leasing professionals who ensure that each building we acquire benefits from best-in-class service.”
Founded in 2011 by Douglas Eisenberg, John Arrillaga, Jr., and Wendy Eisenberg, A&E has grown from a single 49-unit building in Fort Greene to more than 15,000 Bronx, Manhattan, Brooklyn and Queens apartments currently under management. A&E has successfully expanded its portfolio in large part through acquisitions of apartment buildings and portfolios from legacy owners who lacked the resources and operations to properly invest in and manage their properties in the 21st century.
In just 10 years of operations, A&E has built a fully integrated real estate platform with in-house asset and property management, leasing and construction capabilities. The firm owns and manages both rent-stabilized and market-rate apartments, with a specific focus on quality workforce housing for teachers, first responders and other essential workers. Its extensive multifamily portfolio ranges from 10-unit rentals in Brooklyn to 1,200-apartment communities in Kew Gardens Hills and Harlem’s Riverton Square.
A&E also recently launched a new in-house leasing company, dubbed 1898. Named for the year that all five boroughs officially came together to create what we now call the City of New York, 1898 further expanded A&E’s internal capabilities as well as enhancing its commitment to full-service ownership and property management.
About A&E Real Estate
A&E Real Estate was founded in 2011 to invest in multifamily properties in the New York City Metropolitan area with a primary focus on workforce housing. With more than 15,000 apartments, A&E performs direct asset management, property management, and construction management for its entire portfolio, with a belief that no third-party manager will bring the same degree of focus and attention to detail.
A&E’s commitment to provide a high level of service to its residents reflects the philosophy that both owner and resident have a mutual long-term interest in preserving the city’s multifamily residential stock. The residents of A&E’s properties comprise the backbone of New York City’s economy. Police and fire personnel, train and bus drivers, hospital workers, teachers and banquet managers are all included among the residents of A&E’s properties.
